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Corning To Acquire 3M Comms Division For $900M

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Acquisition aims to strengthen market reach and expand high-bandwidth portfolio

Corning has entered into agreements with 3M to purchase most of 3M's Communication Markets Division in a cash transaction valued at approximately $900 million.

The acquisition, which is expected to close during 2018, will augment Corning's optical communications market access and expand its portfolio of high-bandwidth optical connectors, assemblies, hardware, and accessories for carrier networks, enterprise LAN, and data centre solutions.

Corning's Optical Communications segment will acquire approximately $400 million in annual sales of high bandwidth and optical fibre products. The effective enterprise value of the transaction is less than seven times the Communication Markets Division's estimated forward-annual adjusted EBITDA, including expected run-rate synergies. Corning expects the transaction to add $0.07-$0.09 to 2019 EPS.

"Corning leads in optical passive components and solutions. This transaction expands both our global market reach and our high-bandwidth portfolio. It also provides new co-innovation opportunities and enhances our ability to serve customers globally," said Clark S. Kinlin, executive vice president, Corning Optical Communications. "As the industry's only true end-to-end manufacturer and supplier of optical solutions, we look forward to bringing these two strong organisations together and welcoming a group of outstanding employees."

The pending acquisition is part of Corning's multi-year Strategy and Capital Allocation Framework, which aims to invest approximately $1 billion to $3 billion in acquisitions.

3M's Communication Markets Division is headquartered in Austin, Texas, and has a dedicated manufacturing facility in Pontchâteau, France, and operations in Hannover, Germany.

AngelTech Online Summit - Tuesday 19th May

The health and well-being of AngelTech speakers, partners, employees and the overall community is our top priority. Due to the growing concern around the coronavirus (COVID-19), and in alignment with the best practices laid out by the CDC, WHO and other relevant entities, AngelTech decided to postpone the live Brussels event to 16th - 18th November 2020.

In the interim, we believe it is still important to connect the community and we want to do this via an online summit, taking place live on Tuesday May 19th at 12:00 GMT and content available for 12 months on demand. This will not replace the live event (we believe live face to face interaction, learning and networking can never be fully replaced by a virtual summit), it will supplement the event, add value for key players and bring the community together – digitally.

The event will involve 4 breakout sessions for CS International, PIC International, Sensors International and PIC Pilot Lines.

Key elements of the online summit:

  • Covering key topics of the industries
  • Live 3 hour online summit
  • 10 minute presentations – learn from experts in the industry
  • Recorded product demos
  • Live audience questions
  • Enhanced discussion and audience interaction
  • Video panel sessions
  • Sponsors digital booth (intro video, company content, lead generator, facilitate one on one video meetings with attendees)
  • Live private video meetings between two or more attendees
  • After the live event, monthly keynotes to drive traffic to the event 24/7, 365

Innovation is in AngelTech’s DNA and we are leveraging this strength to bring you an immersive and inspiring online event without the risk of travel during this uncertain period.

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Angel Tech Online Summit

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